Adnic profits jump 19% in second quarter

Dubai: Abu Dhabi National Insurance Company (Adnic) reported on Thursday a 19 per cent jump in its net profit for the second quarter 2019 as income rose and claims incurred fell.

The company recorded Dh66 million in profit for the quarter, up from Dh55.4 million in the same period. This brought profits for the first half of 2019 to Dh118.6 million – down 21 per cent year-on-year.

In the second quarter, net premiums written reached Dh196 million, falling from Dh327 million in the second quarter of last year. Premiums written in the first half were also lower year-on-year falling to Dh764.6 million from Dh964.9 million.

Net claims incurred by Adnic fell in the quarter, reaching Dh230.8 million.

“As we move into the second half of 2019, the company will remain firmly focused on maintaining robust foundations to drive long-term sustainable growth and maximize value for shareholders while increasing customer satisfaction and retention,” said Shaikh Mohamed Bin Saif Al Nahyan, chairman of Adnic, in a statement.

The company also saw income from investments and properties, which totaled Dh46.9 million in the second quarter compared to Dh34.7 million in the same period of 2018.